Independent Review Of Townsville Turf Club

Monday, 3rd May 2010

Queensland Racing announced it will "allow the Townsville Turf Club to continue operating in accordance with its licence, pending an independent review of the information it has provided". Chairman Bob Bentley said QR's intervention had been "a catalyst for the TTC to take its 1st urgent steps to rectify the club's current financial position" & noted: "We have been advised the TTC has agreed to accept funding from individual committee members to satisfy its solvency issue in the immediate term. The TTC warrants that it is now trading solvent & the grounds of the Show Cause Notice are satisfied." Bentley confirmed a scheduled audit by Deloitte of the TTC (due to be conducted from June 21-25) "will now be broadened to review the information provided to QR to satisfy the Show Cause Notice" adding: "We have now sought to defer a meeting we had scheduled with the TTC for May 11 until after we have received that Deloitte Audit Report, to ensure the facts are in our possession. From there we can discuss with the TTC what must be done to ensure a stable, viable future for the club."